Stock quotation system



Nov, 10, 1936. H. H. ABBOTT STOCK QUOTATION SYSTEM Filed Nov. 14, 1934 l n wQ WM mwmwmtw MB A WH M V B W Hi r b 2: g L u l. @Q h M22 I! 1.1 I DJ w J A UN m 22 L 3 T .3 $35 qt! NQ\ \Q\ Q9 .4 r TORNEY Patented Nov. 10, 1936 PATENT. OFFICE STOCK QUOTATION SYSTEM Henry Herrick Abbott, Yonkers, N. Y., assignor to American Telephone and Telegraph Company, a corporation of New York ,ApplicationNovember 14, 1934, Serial No. 753,035

9 Claims. (01.179-6) This invention relates to signaling systems and particularly to an automatic stock quotation system involving the use of magnetic steel tape recorders.

In metropolitan centers where the marketing of produce and securities is carried out on a large scale, it is desirable to have at hand some means for quickly and accurately obtaining a quotation on the current market price of any particularv product or security.

Broadly considered, the object of the invention is to obtain an eflicient automatic stock quotation service whereby those who subscribe to the service may, upon the proper manipulation of a call-- ing device, obtain the pronouncement of a quotation message which has been magnetically transcribed on a steel tape recorder.

More particularly, the present invention comprises a telephone system in which an automatic subscriber may, 'by dialing a suitable impulse code designating a particular security, receive back into the telephone receiver the pronouncement of a quotation message which has been registered on a steel tape recorder, the selection of which, by the subscriber, is controlled by the dialed impulse code.

As an illustration of the manner in which the invention may be applied, one embodiment of it is herein completely described with reference to a specific kind of information system; that is, a stock quotation system in which the bid and asked price of a particular stock or bond is recorded by an operator on an individual tape recorder the connection of which, with the operators transmission apparatus, is controlled through a key individual to said recorder while the connection of the tape with the telephone instrument of an inquiring subscriber is made over a series of switching stages settable by an impulse code. It isunderstood, however, that the invention is not limited to a stock quotation system, or to a telephone system, as it is apparent from the disclosure herein contained that the breadth of its application is limited only by the number of impulse codes possible with a given dial and the length of the message which may be recorded on a tape; the invention obviously being applicable to any electrical network operating on an impulse registration basis and in which the impulses are used to control the necessary number of switching stages for reaching a particular tape recorder. In accordance with the invention, therefore, one specific embodiment of which is disclosed herein by war of illustration.

this is accomplished in the following improved manner: I

The automatic information system herein contemplated comprises an automatic telephone line, a series of switching selectors, a number of tape recorders and an operators position from which said recorders may be reached for purposes of recording messages thereon. The talking outlet of each recorder terminates, through suitable amplifiers, on a group of terminals on the last switching connector of a train of selectors that connect the subscribers line with the recorder, While the talking inlet to each of said recorders is established by any suitable means to the operators position from which the messages to be recorded on the various tapes are transmitted. Consequently, when it is desired to record or change the bid and asked quotations of a security on the tape recorder assigned to said security, the operator depresses a key individual thereto and causes the circuit of the erasing magnets to be operative in removing the previous record on the tape prior to its passage between the coils of the voice magnets which are simultaneously receptive to the voice currents initiated by the operator, said operator being warned. by a beginning and terminating zip tone in the interval between which to pronounce the quotation on the tape.

The subscriber who wishes to obtain the quotation thus registered dials a code of impulses designating the particular security and the switching selectors responsive to said impulses are positioned to reach the connecting terminals of the desired tape recorder. Through suitable amplifiers the quotation contained on the recorder is transmitted to the subscriber who, as long as he has his receiver oif the switchhook, will continuously and repeatedly hear the quotation. Any number of subscribers may be simultaneously connected to the same terminals for the purpose of hearing the same quotation. When a quotation is to be changed a warning tone is applied to the terminals of the appertaining recorder to apprise listening subscribers of this fact.

A clearer conception of the scope and purpose of the invention may be obtained from the following description taken in connection with the lishing a connection between the automatic recording and announcing device I20 and said station as well as another connection between said recording and announcing device I20 and the operators recording position I30.

The magnetic tape recorder contemplated for use in this invention and shown schematicalLv at I20, is a telegraphophone structure identical with or similar to that described in Patent 1,944,238 to Clarence N. Hickman, dated January 23, 1934. It consists, essentially, of a magnetic tape, ribbon or wire I39, continuously moving between the poles of two "voice" magnets H3 and the poles of two eraslng" magnets II2, the tape, in its movement. coming first under the influence of the erasing magnets and subsequently under the influence of the voice magnets. If the coils of the erasing magnets are energized, whatever record is contained on the tape is erased by magnetic saturation of said tape, produced thereon by the magnetic fields of the erasing magnets. The signals to be reproduced from the tape are then recorded thereon by varying its magnetic condition through the magnetic field of the voice magnets which is accomplished by the simulated voice currents produced by the pronouncement of a quotation into the speaking circuit. The tape, so magnetized, then induces a corresponding current into a suitable reproducing circuit which actuates a telephone receiver. The magnetic tape recorder I20 is shown connected through an amplifier IIO to the terminal banks of a connector I02 which, through suitable switching stages such as IN, is made accessible to the telephone lines that subscribe to the stock quotation service. If a speech record is already contained on the tape at the time the calling line establishes a connection to the amplifier IIO then, as the tape passes between the coils of the voice magnets I I3, the magnetic recordthereon induces a variation in the current established in the circuit between the magnets and the input circuit of amplifier IIO which, electrically, corresponds to the speech record impressed on the tape. These variations in current are then amplified and repeated to the calling line, the subscriber of which will then hear whatever message is recorded on the tape.

The operators recording circuit consists of a transmitter I 41 and a receiver I33 both of which are plugged into jacks I30 which are connected to the primary winding of a transformer I34. The secondary winding of this transformer is connected to the input side of amplifier I35, the output side of which extends to the front contacts of relay I06. When relay I06 is operated in the manner described hereinafter a pronouncement circuit is completed to the tape recorder which is utilized by the operator for recording a quotation pronouncement.

According to a preferred arrangement, there is provided oneannouncing circuit for each security on which quotations are to be furnished, that is, one tape recording unit I20 and amplifier IIO for each security and one operators recording circuit for a plurality of announcing circuits, the number of announcing circuits controlled from one operators recording circuit varying with the number of quotations to be handled.

Having generally described the nature and character of the apparatus employed in this invention, I shall now describe its detailed operation by first describing the connection of a calling line to a particular tape recorder for the purpose of listening to a quotation pronouncement already recorded thereon and later describing the operations necessary to change the pronouncement on a recording tape from an operators recording position.

When a broker, for instance represented by line I00. dials the number of a particular announcing circuit, that is, the code number of a stock or bond assigned to a particular announcing circuit, a number of switching stages such as selector IN and connector I02 serve to extend the line I to the terminals of the annoimcing circuit in the manner well-known to the automatic telephone switching art. At such a time a circuit is completed for relay I04 extending from battery through the lower winding of relay I04, conductor I36, through the automatic connection and line loop, conductor I31, upper winding of relay I04 to ground. Relay I04 operates and, through its upper contact, connects ground to complete the circuit of the filament elements of the amplifier IIO while through its lower contact it closes an obvious circuit to light the pilot lamp I03.

The calling line is now connected thermionically to the magnetic recorder I20 in a listening circuit established over conductor I31, through the output circuit of the amplifier IIO, conductor I36 thence over the established automatic connection through switches I02 and-I06 subscribers loop, back to conductor I31 and from the input circuit of amplifier IIO, over the upper back contacts of relay I06, upper winding of the upper voice magnet II3, lower winding of the lower voice magnet I I3, lower outer back contact of relay I06, to the amplifier IIO. As the steel magnetic tape I 39 continually passes under-the poles of voice magnets 3, the magnetic record contained thereon is efiective to induce voice currents in the circuit above traced as a result of which the subscriber I00 is enabled to hear an oral reproduction of the record contained on the tape which, in this case would be the bid and asked quotations of a particular security to which magnetic tape I39 and the reproducing circuit associated therewith has been assigned. Inasmuch as the continuous movement of the tape I39 is uncontrolled by any line conditions but is independent thereof. the subscriber will continue to hear a reproduction of the record as long as he maintains the listening connection, or as long as the listening circuit remains undisturbed by the operation of relay I06 which takes place when a quotation is to be changed, as more completely described hereinafter.

Obviously any number of subscribers may become connected to the same security announcing circuit, the number of such subscribers being only limited by the number of connectors I02 available to calling lines, said connectors being supplied in numbers sufficient to handle the calling rate.

When the subscriber restores his receiver, switches I 0| and I02 are restored in the wellknown manner, relay I04 is released, ground is disconnected from amplifier H0 and lamp I03 extinguished.

When it is desired to change a quotation record on a magnetic tape, key I associated with the tape on which the change is to be made is operated. This key, and others associated with the different tapes assigned to the other securities, are usually located near the quotation dis play board or other primary source of information from which the changed quotations are obtained. When operated, this key closes the circuit of relay I09 extending from ground at the key, No. 4 contacts of relay I01, winding of relay I09 to battery. Relay I09 operates, looks through its outer contacts under the control of the N0. 4 contacts of relay I01 and further closes an obvious circuit to light the change quotation lamp I32 located at the recording operators position. Upon seeing the lighted lamp, the operator depresses key I3I of the security of which the quotation is to be changed, there be-' ing, of course, a separate key like I3I; and a separate tapelike I39 for each security. Since the operator has her headset I48 plugged into the jacks I30 and, as a consequence, relay I29 is operated over a circuit extending from battery through the winding of relay I29, tip of the upper jack I30, transmitter I41, tip of the lower jack I30, right winding P of transformer I34 to ground, the operation of key I3I further serves to. completea circuit for relay I06 extending from ground through the upper back contacts of relay I25, upper back contacts of relay I28, contacts of relay I29, normal contacts of relay I22, contacts of key I3I, winding of relay I06, to battery. Relay I06 operates, disconnects the coils of voice magnets II3 from the input side of amplifier H and, over its top and bottom outer front contacts, connects said coils to the output side of amplifier I35. Relay I06 further connects the ungrounded side of the secondary winding of low tone transformer I to input side of amplifier I I0 so that if, at this time, any calling subscribers line is connected to the conductors I36 and I31, the output circuit of the ampliher is completed over the line loop, and repro duces the tone thereover to apprise the subscriber that the quotation is being changed. Relay I06 further extends the operating ground over its bottom inner contacts to the winding of relay I22 causing this relay to operate whereupon both relays look over the front contacts of relay I22 to the aforetraced ground onthe contacts of relay I29 thereby making the operated condition of relay I06 independent of start key I3I. Relay I06 also closes an obvious circuit for relay I01. Relay I01 on operating, closes a circuit through the coils of erasing magnets H2 extending from battery, through the winding of the lower magnet and winding .of the upper magnet in series, No. 1 contacts of relay I 01 to ground and also, in parallel with resistance I49, through the direct current windings in series of the voice magnets II3 of the recording unit. The current through the erasing magnet produces magnetic saturation in the steel tape as it passes between the pole-pieces of these magnets while the direct current through the direct current coils of the voice magnets I I3 neutralizes the residual magnetism in said tape.

The operation of relay I01 further opens the circuit of relay I09 which releases, opens the steady lighting circuit of lamp I32 and connects interrupter I08, which is geared to the tape driving shaft of the tape recorder, to flash lamp I32 over a circuit extending from interrupter ground, Nos. 2 and 3 contacts of relay I01 to the lamp, and to further operate and release relay II4 successively in parallel with said lamp from the interrupter ground.

As already mentioned, the shaft which drives the steel recording tape I39 also drives interrupter I08. This interrupter is so geared to the shaft as to produce six pulse interruptions for each complete passage of the tape between the voice anderasing magnets. Inasmuch as the quotation pronouncement has to be recorded upon the full length of the tapeand in the time interval measured by one passage thereof, the pulse interruptions are used to signal the time when the pronouncement of the record is to begin and the time when it is to end. This is done as follows:

On the first operation and release of relay I I4, relays II6 and H5 are operated and locked in succession. That is, when relay II4 operates and closes its contacts, a circuit is completed for relay II6 extending from battery through resistance I40, winding of relay II6, normal contacts of relay H6, contacts of relay II4, conductor I46, contacts of relay I29, to a previously traced ground on the upper back contacts of relay I25.

Relay 6 operates, opens its operating circuit at its normal contacts and, through its alternate contacts, connects ground on conductor I 46 to the right side of the winding of relay II5 which, at this time, also has the operating ground for relay II6 connected to the left side of its winding through the contacts of relay H4 and is thereby prevented from operating. When relay II4 releases at the termination of the grounded period of the interrupter, the shunt around the winding of relay H5 is removed and said relay operates in a circuit extending from battery, resistance I4I, winding of relay II5, alternate contacts of relay II6 to ground on conductor I46. During the-time that interrupter I08 is contacting with an insulating segment and, therefore. during the time in which relay H4 is normal, both relays H6 and H5 remain looked over their respective circuits to ground on conductor I48 andthrough the alternate contacts of relay 6.,

In the meanwhile and as soon as relay II5 operates, a circuit is closed extending from ground on conductor I46, right contacts of relay II5, normally closed contacts of relay II8, winding of relay II8, resistance I42 to battery, causing said relay to operate. Relay II8 operated closes its left alternate contact to ground on conductor I46 locking itself thereby and further connecting ground to the right side of the winding of relay II1 which also has the ground extending through the right contacts of relay II5 connected to the other side of its winding through its own back contacts. Relay II1 therefore does not operate. Relay II8, on operating, completes an operating circuit for relay I2I extending from ground on conductor I 46, right contacts of relay II8, normally closed contacts of relay I2I, winding of relay I2I, resistance I44 to battery. Relay I2I operates, looks over its left alternate contacts to ground on conductor I46, establishes a shunt to the winding of relay M9 by extending the ground through its alternate contacts to the right side of the winding of said relay, said relay further having the ground on conductor I46 extended to the other side of its winding through the right contacts of relay H8 and its own left back contacts, connects supplementary ground to conductor I46 at its right outer contacts and further closes a circuit extending from ground on the right back contacts of relay II9, right inner front contacts of relay I2I, lower back contacts of relay I28, winding of relay I26, to battery. Relay I26 operates, completes a low tone circuit to the operators receiver' I33 from ground through secondary winding of source of tone transformer I21, bottom outer contacts of relay I26, sleeve 01? upper jack I30, head-set telephone receiver I33, sleeve of lower jack I30, bottom inner contacts of relay I26, bottom contacts of relay I25 to ground. At the same time that the tone cir-' cult is completed, relay I26 closes an obvious circuit for slow-operate relay I25 which, on operating, opens its lower contacts and opens thetone circuit. Relay I25 further completes a circuit for slow-operate relay I24 extending from ground on the right outer contacts of relay I2I, contacts of relay I28, upper back contacts of relay I28, upper front contacts of relay I25, winding of relay I24 to battery. Relay I24 operates after a small interval and reestablishes the tone circuit to the operator's receiver I33 by connecting ground through the lower contacts of relay I23, over its own bottom contacts to one side of the previously traced tone circuit. However, as soon as relay I24 operates an obvious circuit is completed for slow-operate relay I23 which, on operating after an interval, opens the tone circuit and completes an obvious circuit for relay I28. This relay, on operating, opens the circuit of relay I26 which releases, in turn causing the release of relay I25 which. on releasing, completes a locking circuit for relay I28 over the top front contacts of relay I 28, top back contacts of relay I 25 to ground. The operation of relay I28 further causes the release of relay I24 which, on releasing, causes the release of relay I23.

Thus at the end one pulse from interrupter I88, two short or zip tones have been transmitted through the operators receiver I33. These tones are heard by the operator and together constitute the signal for her to begin the pronouncement of the quotation, which she does by speaking the quotation into. transmitter I41. The transmission circuit is completed from battery through the winding of relay I29, tip spring of upper jack I38, transmitter I41, tip spring of lower jack I41, primary winding P of transformer I34 to ground. This voice circuit is repeated in the input circuit of amplifier I35 and amplified therein over a recording circuit extending from one side of the output circuit of the amplifier, bottom outer front contacts of relay I86, lower and upper voice coils of voice magnets II3, top outer front contacts of relay I06 to the other side of the output circuit of the amplifier. As the magnetic tape I39 revolves between the poles of magnets II3, the magnetic variations produced by the recording circuit on magnets II 3 induce corresponding magnetic variations along the length of the tape which are later utilized to induce simulated voice currents in the reproducing circuit completed to the calling line as already described.

When relay II4 operates over the next or second grounded segment of interrupter I08 after the operation of. relay I I6, ground on the contacts of relay H4 is extended by way of the left front contacts of relay II5 to the battery side of the winding .of relay I I6. Inasmuch as ground is also connected to the other side of its winding, relay H6 is shunted and released, leaving relay H5 cally operated through the continuity contacts of relay II6 to ground over the operated contacts of relay II4. When relay II4 releases on the succeeding engagement of an insulating segment of the interrupter, the local circuit holding relay H5 is opened whereupon this relay releases, in turn removing the short circuit around the winding of relay II1 causing said relay to operate in a circuit extending from battery, resistance I43, winding of relay II1,.left alternate contacts of relay II 8 to ground on conductor I46.

On the closure of the circuit over the next or third grounded segment of the interrupter after the initial operation of relay II4, the previously described operating circuit of relay H6 is closed once more and said relay operates again in.the manner previously described. On the release of relay II4 on the succeeding engagement of an insulating segment of the interrupter, relay H5 is also reoperated. With the reoperation of relay I I5 a ground path is completed to the battery side of relay II8 from ground on conductor I46, right contacts of relay II5, front contacts of relay II1 to the battery side of the winding of relay II 8 causing said relay to release while relay I I1 now holds locally over the left continuity contacts of relay II 8, right contacts of relay II5, to ground on conductor I46. With the release of relay II8 the short circuit around the winding of relay I I3 is removed and this relay now operates in a circuit extending from battery, resistance I 45, winding of relay H9, left alternate contacts of relay I2I, to ground on conductor I46. Relay II8 operates but performs no useful function at this time.

On the beginning of. the fourth pulse from the interrupter, that is on the fourth operation of relay II4, relay H6 is shunted and released while relay II5 holds locally to the ground supplied through the contacts of relay I I4. On the release of relay II 4, when the interrupter has advanced to the succeeding insulating segment, relay II5 releases but nothing happens to disturb the operated condition of relays H9 and I2I since both of these relays are locked to ground through the left alternate contacts of relay I2I.

On the grounded period of the fifth pulse of the interrupter I08, relay II6 operates. On the succeeding open period relay II5 operates and both relays remain locked to ground on conductor I46 through the left contacts of relay I I8. Relay I I8 now operates as already described and establishes a shunt path for relay I2I through the left front contacts of relay II9 causing said relay to release, relay I I9 in the meanwhile holding locally over the left continuity contacts of relay HI and the right contacts of relay I I8 to ground on conductor I46.

On the grounded period of the sixth pulse relay I I6 releases as before described but no other relay is affected thereby. On the succeeding open period of the pulse cycle relay I I5 releases and relay I I1 operates and holds to ground through the left contacts of. relay I I8.

On the grounded period of the seventh pulse relay II6 again operates while on the succeeding open period relay II5 operates and holds in parallel with relay II 6 as already described. With the operation of relay II5, relay H8 is released, relay H1 is held locally as described and relay H9 is released due to the opening of its holding circuit through the contacts of relay II 8.

When relay II9 releases, and due to the fact that relay I28 is looked, a circuit is completed for relay I26 extending from ground in the right back contacts of relay II9, right inner back contacts of relay I2 I, bottom front contacts of relay I28, winding of relay I26 to battery. Relay I26 operates, momentarily closes the previously traced tone circuit to the operator's receiver I33, and closes an obvious circuit for relay I25 which, being slow to operate, pulls up after an interval thereby maintaining the tone circuit until said relay breaks the ground connection on its bottom back contacts. The operation of relay I25 further opens the locking circuit of relay I 28 causing said relay to release.

Inasmuch as ground is removed from conductor I46 with the release of relay I2l the further operation and release of relay H4 in response to the grounded period of the eighth pulse will be inefiective to further operate the counting relays 5 so that, by the beginning of. said eighth pulse, the counting relays are all normal and the tone measuring and spacing relays I23, I24, I25, I26, and I28 are likewise normal.

The tone signal given to the operator at the 10 end of the seventh pulse cycle is the signal that the recording tape I39 has made one complete passage between the poles of the erasing and voice magnets and that the entire quotation pronouncement should have been recorded thereon in the interval measured between the first two "zip tones and the third.

Should the operator continue to talk into the transmitting circuit after the reception of the third tone, it will be inefiective since with relay HI released and key I3I normal, there is no holding circuit for relay I06 which releases, in turn releasing relay I01 thereby restoring the transmission circuit to normal. In order to get another pronouncement into the same tape recorder I39 it will be necessary for the operator to depresskey I3! once more and go through another cycle of operation in the manner already described.

It is further apparent from the foregoing description that the operator, during the pronouncement period for one security, cannot depress the key associated with the tape recorder of another security and thereby disconnect the recorder of the first security from her position. For since relay I22 is common to all recording units, its operation removedflground from the multipled conductor which extends to one side of the individualsecurity keys such as for instance, key I3I. Consequently if the operator were to depress another key after the operation of relay I22, no ground would be available to operate relay I06 of the associated recording unit.

What is claimed is:

45 1. In a telephone system, the combination of a telephone line, a magnetic tape recorder, an operator's position having means for transmitting a voice message to be recorded on said tape recorder, means for establishing a connection from said line to said recorder, and aflaomatic means responsive to the establishment of said connection for transmitting a pronouncement of said message from said recorder to said line.

2. In a telephone system, the combination of 55 a plurality of telephone lines, a plurality of magnetic steel tape recorders, an operator's position having means for transmitting a separate voice message to be recorded on each of said tape recorders, means for establishing connections be- 60 tween said lines and said recorders, and automatic means responsive to the establishment of said connections for transmitting over each of said connections a pronouncement of the message contained on the connected recorder.

65 3. In a telephone system, the combination of a plurality of telephone lines, a magnetic tape recorder, means for'recording a voice message on said recorder, means for establishing coexisting connections between said lines and said reoperator's position, means for establishing a voice recording connection between said position and said recorder for registering a voice message thereon, means under the control of said telephone line for establishinga listening connection )8 between said line and said recorder, and automatic means responsive to the establishment of said listening connection for transmitting a pronouncement of said message to said line.

5. In a telephone system, in combination, a 10 plurality of magnetic tape recorders, an operator's position, means for establishing a voice current connection between said position and any one of said recorders, and means responsive to the establishment of a connection between said posi- 15 tion and any one of said recorders for rendering inoperative said means for establishing a voice current connection between said position and any other of said magnetic steel tape recorders. 2o

6. In a. telephone system, the combination of a recorder provided with a continuous magnetic tape and sets of recording and erasing magnets,

a circuit for said erasing magnets, a voice current circuit for said recording magnets, means 25 for continuously passing said tape between the pole pieces of said erasing magnets and the pole pieces of said recording magnets respectively, and means for closing said voice current circuit of said recording magnets and said circuit of said erasing magnets during one complete passage of said steel tape.

7. In a telephone system, the combination of a recoi'der provided with a continuous magnetic tape. sets of recording and erasing magnets, means .ior continuously passing said tape between the pole pieces of said magnets, an operators position, a circuit for said erasing magnets,

a voic current circuit for said recordingmagnets, eans at said position for closing said voice current circuit to said recording magnets and said circuit of said erasing magnets for one complete passage of said steel tape, means responsive at the beginning of the passage of said tape under the pole pieces of said magnets for transmitting a signal to said position, means responsive at the end of the complete passage of said tape under the pole pieces of said magnets for transmitting another signal to said position, and -means responsive to the complete passage of said tape under the pole pieces of said magnets for opening the circuits of said magnets.

8. In a telephone system, a calling line equipped with dial, a group of switching selectors responsive to impulses produced by said dial,

a magnetic tape recorder terminating on the banks of one of said switching selectors, means for recording voice messages on said tape recorder,- and means responsive to the establishment of a connection from said calling line to said tape recorder over said switching selectors for transmitting to said line a pronouncement of said message from said recorder.

9. In a telephone system, the combination of a recorder provided with a continuous magnetic tape, sets of recording and erasing magnets,

means for continuously passing said tape between the pole pieces of said magnets, an operator's position, signalling means at said position, and means for measuring the interval for one continuous passage of said tape between the pole pieces of said magnets and for operating said signal at the beginning and end thereof.

HENRY HERRICK ABBO'I'I'. 

